Crédit Agricole Personal Finance & Mobility joins GAC Leasing to support GAC Group sales growth in China

CA Personal Finance & Mobility announces the proposed acquisition of 50% of the shares of GAC Finance Leasing Co. Ltd, (GAC Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd (GAC Group), through a reserved capital increase. In 2025, Personal Finance & Mobility will offer financial and operational leasing solutions in the Chinese market, thus promoting the deployment of electric vehicles in China. This transaction will consolidate a partnership that has existed since 2009 between Personal Finance & Mobility and the GAC Group with the creation of GAC-Sofinco AFC, a joint venture held in equal shares. The company operates throughout China and provides automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.

CA PERSONAL FINANCE & MOBILITY TO BECOME A 50% SHAREHOLDER IN GAC LEASING

Following a reserved capital increase, CA Personal Finance & Mobility will hold 50% of GAC Leasing. Since 2004, it has been operating in the Chinese market and offers GAC customers and its distribution network financial and operational leasing solutions.

Through this transaction, the CA Personal Finance & Mobility Group and GAC Group are strengthening the leasing offer offered to Chinese customers, thus stimulating the sale of electric motor vehicles, which already represent 60% of GAC Leasing’s leasing contracts on a portfolio of more than 200,000 vehicles.

The impact on Crédit Agricole S.A.’s CET1 ratio and that of the Crédit Agricole Group will be very limited.

The acquisition of GAC Leasing reaffirms the importance of our long-standing partnership with the GAC Group. It will allow us to support together and in the long term the development of the particularly dynamic electric car market in China.

Stéphane PRIAMI

Chief Executive Officer of Crédit Agricole Personal Finance & Mobility

Key figures:

• In 2023, the GAC Group is the 4th largest car manufacturer in China
• More than 2.5 million vehicles sold worldwide in 2023 · 39.90% of electrified vehicles sold in 2023

Press Contact

CA Personal Finance & Mobility
Claire Garcia
presse@ca-cf.fr
+33 (0)1 87 38 11 81 / +33 (0)6 80 41 17 77